Father Gives Son A House

[bicool]

What is the name of your state?IL/FL

IF MY FATHER WHO LIVES IN ILLINOIS, WAS TO GIVE ME (AS A GIFT), THE HOUSE THAT HE HAS IN FLORIDA, WHERE I HAVE BEEN LIVING FO 14 YEARS PAYING PROPERTY TAX, INSURANCE, UP-KEEP AND MONTHLY RENT, WOULD WE HAVE TO PAY GIFT TAX OR ANY OTHER TAX?
THE MARKET VALUE IS $140,000.
I WAS TOLD BY BONNIE TO REPOST THIS IN THE CORRECT SECTION

 

[Snipes5]

Did Bonnie also tell you that typing in all caps looks like shouting? Ouch.

Your father will have to file a gift return. No tax will be due, however.

Snipes